Apple's new CEO John Ternus gets ₹551cr pay package
What's the story
Apple has announced the pay packages for its new CEO, John Ternus, and executive chairman, Tim Cook. The company's latest filing with the US Securities and Exchange Commission (SEC) revealed that Ternus's target compensation for this fiscal year is about $58 million (approximately ₹551 crore). Meanwhile, Cook will get around $47 million (roughly ₹446 crore) as executive chairman.
Package details
Compensation package for Ternus includes $3M annual salary
The compensation package for Ternus includes a $3 million annual salary and stock awards worth $55 million for the next fiscal year.
On the other hand, Cook's package consists of a $2 million annual salary and stock awards worth $45 million in fiscal 2027.
It's worth noting that Cook had a $3 million salary as CEO and earned around $74.3 million last year.
Performance-based compensation
Ternus to receive prorated RSU award worth $2.5 million
The value of the stock awards for Ternus and Cook will depend on Apple's share price. The SEC filing didn't mention any new cash bonus figures.
Ternus will also get a prorated restricted stock unit (RSU) award worth about $2.5 million in fiscal year 2026, which ends in September.
Of his larger fiscal 2027 equity award, 75% will be performance-based RSUs tied to Apple's total shareholder return compared to other S&P 500 companies.
Award details
Cook's performance-based portion lower than Ternus's
Half of Cook's fiscal 2027 equity award will be performance-based, with the other half consisting of time-based RSUs vesting over four years.
The performance-based portion for Cook is lower than that of Ternus.
If Cook retires on or after the first anniversary of the grant date, he will still get the shares but only on their original vesting dates.
CEO transition
Last year, Cook earned $74.3 million as CEO
In 2025, Cook's pay package as CEO was $74.3 million, which included a $3 million salary, $12 million in performance-based cash awards, and $57.5 million in stock awards.
This transition marks only the second time this century that Apple has changed its chief executive.
Cook took over from Apple co-founder Steve Jobs in August 2011 and has since grown Apple's valuation from $350 billion to over $4.5 trillion during his 15-year tenure as CEO.